Nollywood Helped in Boosting the Nigerian Economy To Overtake South Africa

Majid Michel on Nollywood’s success
Nollywood actor Majid Michel talks about the African film industry’s success.

Nollywood, Nigeria's booming film industry has been noted as one of the key contributors that helped in boosting Nigeria to overtake South Africa as Africa's largest economy.

"Nigeria has moved to be the largest economy by GDP size in Africa and has moved to be the 26th largest economy in the world," finance minister Ngozi Okonjo-Iweala said.

"On a per capita basis, Nigeria is number 121 in the world. So, we have a total GDP size where we have moved up to 26th," the former World Bank managing director added.

The widely expected results are based on calculations taking into account a range of new sectors and industries that were negligible or non-existent in 1990.

They include the mobile telephones market - Africa's largest - music and the hugely popular local film industry, Nollywood.

~ The Telegraph of UK.

The Telegraph noted that Nollywood, now estimated to be N853.9 billion (£3.1bn) has boosted the GDP by contributing "1.2pc of GDP". And Nollywood is actually the biggest and largest African film industry with the Nigerian government investing over $200 million in grants and loans to expand the industry.

The Wall Street Journal and CNBC also credited Nollywood for boosting the Nigerian economy in the last 20 years.

After a half-decade effort aimed at better capturing economic activity, Nigeria has announced that gross domestic product in 2013 was $510 billion – some 89% larger than previously estimated. In its new guise, service industries now make up more than half the Nigerian economy, versus less than a third previously. The Nollywood film industry alone has emerged to contribute 1.2% of GDP, Renaissance Capital says.
Wall Street Journal: Nigeria’s Nollywood Boost.

 Nollywood helps Nigeria double its GDP

Jenny Cosgrave | @jenny_cosgrave

Monday, 7 Apr 2014 | 4:18 AM ET

 "If you're not in Nigeria, you're not in Africa. And you're kidding yourself." Nigerian Finance Minister Ngozi Okonjo-Iweala said at a press conference on Sunday.

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